With the total credit card debt amount rapidly approaching $1.2 trillion, many consumers are struggling to make ends meet. According to LendingTree, the average household in the United States owes $7,236 – a 38% increase from 2021. The average interest rate on credit cards currently is an ugly 24.26%. When you connect these stats with the fact that millions of Americans pay only the minimum payments each month, climbing out of debt seems nearly impossible for some in 2025. At least trying to do so on your own is.
Luckily, benefits like lower monthly payments and lower interest rates are available through Debt Management Programs. And thanks to record breaking savings at DebtWave in 2024, these benefits make it possible to achieve financial freedom.
Debt Management Plan Payment Reduction
Clients that enrolled onto DebtWave’s Debt Management Program (DMP) in 2024 merited an average payment reduction of $220. The average minimum payment plummeted from $915 to $695. This shatters the previous year’s record of a $193 payment reduction.
A big factor that made these savings possible are the attractive concessions offered by the credit card companies. In 2021, creditors wanted about 2.71% of the balance as the monthly payment to enter a DMP. In 2024, that percentage decreased to 2.54%. Additionally, payments on own increased from 2021 to 2024. Creditors required about 3.15% of the balance when making payments on their own in 2021. That percentage increased to 3.35% in 2024.
Credit card companies have been generous with interest rates on DMPs as well. In 2020, the average interest rate obtained on the DMP was 8.2%. In 2024, the average APR dropped to 6.8%, setting a new record at DebtWave. As payments on own increased in 2024, so did the interest rates on own. The average APR per client on own in 2024 peaked at 23%.
Average Debt Per Client Enrolled
The average balance enrolled per client soared in in the last two years. Another record high established in 2024 with the average surpassing $27,000. This is nearly double the amount of $15,799 in 2022.
When you combine the payment savings and the monthly finance charge savings, you have clients making significant progress to their principal balance. From 2020-2022, the average total combined monthly savings was less than $300. In 2024, the monthly savings nearly doubled to $596.
We expect and hope these incredible concessions to continue in 2025. For those facing high balances on their credit cards and experiencing a financial hardship, help is available. Taking the first step toward financial freedom is the most important step to take. Find more information about credit counseling and our program or get started online.
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When your debts go out of hand, you might find it easier to just take out a loan to settle everything, but is debt consolidation a good idea? Watch this video to learn all about this and whether or not it’s a good option for you!
Watch And Enjoy!
Justin Mirche
Key Moments In This Episode
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00:00 Intro & Summary
00:34 What Is Debt Consolidation?
01:58 Different Types Of Debt Consolidation Loans
03:43 Common Trap With Debt Consolidation Loans
04:45 Pros Of Debt Consolidation Loans
06:51 Cons Of Debt Consolidation Loans
What To Watch Next
========================
How Long Does It Take To Repair Credit?
https://youtu.be/gwuAdlPuywg
RESOURCES
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Subscribe to my YouTube channel:
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Learn More about Justin Mirche
========================
Justin Mirche is the founder and President of Justin Mirche Consulting. He has a vast background in finance and has been the go-to person for friends, colleagues, and clients for years to assist in solving a wide array of credit and finance challenges. His experience and dedication have transformed lives, families, and businesses. Now, he wants to share his expertise to help a much broader audience. With his YouTube channel, Justin wants to answer questions that affect our everyday lives, erase confusion dispel myths about credit and finance, and provide valuable advice to help you level up and reach your credit and financial goals.
Website: https://justinmirche.com/
========================
Nate Woodbury – YouTube Producer
https://www.youtube.com/NateWoodbury
#Finance
#CreditScore
#PersonalCredit
Struggling with debt? Credit counseling might be your answer! ????
Watch the full video to see how credit counseling fits into your debt relief options—and if it’s right for you ????
Financial coach Rob Wilson TV explains exactly how credit counseling works in 5 debt relief options that actually work (Which one is right for you?)
Is credit counseling free? ???? While the initial credit counseling session is often free, especially from nonprofit agencies, some services like debt management plans (DMPs) may come with fees. It won’t erase your debt, but it could give you tools and strategies to take control of your finances.
Credit counseling is just one of several debt relief options available today—and understanding them all is key. Freedom Debt Relief can help you navigate your debt relief journey and choose the right path.
Ready to explore all your debt relief options? Watch the full video.
#freedomdebtrelief #debtrelief #debtreliefoptions #financialeducation #creditcounseling #debt #shorts
2nd Channel @ZacV2
My TikTok https://www.tiktok.com/@zacrios?_t=ZT-90LyuVCSxLr&_r=1
Chapters
0:00 Subscribe!
1:06 Interest
4:04 Comment
5:04 “Not Paying”
6:17 Can’t Get An Apartment
10:17 Comment
11:113 Insanely High Debt
12:17 Student & Car Debt
13:24 Grandma Cosigned
15:10 Doctor
16:17 Go To School Forever
16:55 Comment
17:36 $170,000 Debt
18:32 Comment
18:55 College Is Over
20:35 Comment
21:15 $100k Degree
22:39 Changing Careers
24:15 Not Knowing Price?
25:12 $20
25:40 Changing Lenders
27:00 Late Payment
28:21 Update
#money #finance #debt
Watch as Founder & CEO of Meerkat, David O’Brien unpacks the criteria you need to meet to qualify for debt review removal in South Africa.
Think you qualify? Start your online application now: https://www.meerkat.co.za/clearance-certificate
?To schedule a free consultation with a nonprofit credit counselor, take our quick screener at https://link.upsolve.org/dmpHelp ?
???? Upsolve is the internet’s leading nonprofit source of financial literacy education. Nearly 3 million Americans visit Upsolve.org each year. Our services are 100% free. Here’s how we do it: https://bit.ly/howitsfree
? Debt Management Plan = All eligible debts pulled into a 3-5 year repayment plan.
? Plan is overseen by a credit counselor.
?? DMP can hurt your credit score in the short term, especially if you have a strong score when you start the DMP.
?? DMP can save you money over time by lowering your interest rates (and potentially getting fees waived).
?? DMP streamlines your monthly debt repayment which can make it easier to stay on track.
?Questions? Let us know in the comments!
???? Sign up for EveryDollar today to create a free budget! https://ter.li/0en9yf
Is there ever a bad way to get rid of your debt? (Spoiler alert: Yes!) That’s why I’m talking about the five worst ways to pay off debt that you’ll want to avoid.
Next Steps:
???? Watch my video The Financial Trend That Is Robbing You Blind: https://www.youtube.com/watch?v=Hp0FlfBVFV0.
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Watch this informative introduction to the Credit Counseling Certification Program KEYS TO SUCCESS preparing you to become a Certified Credit Counselor. Also, check out Academy for Credit Education’s list of current Continuing Education offerings at:
http://www.acecertificate.com/
In a shocking financial move, Japan has sold its entire holdings of US debt in direct response to Trump’s economic crisis. This unprecedented action has sent ripples through global markets, raising concerns about the stability of the US dollar and the broader economy.
Subscribe for more:
https://www.youtube.com/@carrosshow9598
Other video’s:
1 MIN AGO: Japan BREAKS “US Biggest Military Deal” After Trump Tariffs Escalation:
https://www.youtube.com/watch?v=KBx-l8SpyL4&t=76s
JAPAN’S BIGGEST NIGHTMARE: China Buys Toyota, Honda & Nissan as Auto Market Collapses:
https://www.youtube.com/watch?v=xSqouF1Qlfk&t=66s
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Credit card debt can feel endless, but there’s a smarter way to deal with it. Through a debt mediation program, you can potentially:
???? Reduce the total amount you owe
???? Stop constant collector calls and harassment
???? Create a payment plan that matches your actual income
???? Regain control of your finances without taking a new loan
If you’re working and struggling to keep up with payments, this might be the right time to explore your options.
???? Message Debt Aid Consulting International today to check if you qualify.
???? We handle credit card debts and unsecured loans from banks and financial institutions.
????????????????: ???????????????? ????????????????????’???? ???????????????????? ????????????????????.
? ???????? ???????????????? ???????????????????????????? ???????????????? ???????????????????????????? ???????????????????????? ???????????????? ???????????????????? ???????????? ???????????????????????????????????? ???????????????????? ???????????????????? ????????????????, ???????????????????????????????????????? ???????????????????????????????????? ???????????????????????????????????????? ???????????????? ???????????????????? ????????????????????????????????????.
#DebtAidConsulting #DebtFreeJourney #DebtMediationPH #CreditCardDebtHelp #DebtReliefPH #FinancialWellness #SmartMoneyPH
